The GMP Cell Banking Service Market
The GMP Cell Banking Service Market, in the next 10 years, is expected to substantiate. Hospital decision support solutions are being floated, and the status quo is expected to stay the same even going forward. Herein, value propositions are made to the society on the whole and patients in particular by the government, private insurance companies, and social security organizations working in unison. As such, the healthcare industry is expected to witness a good number of clinical outcomes in the forthcoming period.
North America is estimated to hold a whopping 45.3% value share in the global GMP Cell Banking Services market by the end of 2017 and will witness an increase of 231 basis points in market share by 2025 over 2017. The North America regional market will create absolute $ opportunity of US$ 23 Mn in 2018 over 2017.
In a new report titled “GMP Cell Banking Services Market: Global Industry Analysis and Forecast, 2017–2025,” Persistence Market Research forecasts revenue from the North America market to grow 3.1x by 2025 end as compared to that in 2017.
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- WuXi AppTec
- Charles River Laboratories International, Inc.
- Eurofins Scientific
- Merck KGaA
- Lonza Group Ltd
- SGS Ltd
- ViruSure GmbH
- Goodwin Biotechnology Inc.
- Paragon Bioservices, Inc.
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This will directly impact the global GMP Cell Banking Services market, which will likely grow from US$ 346.6 Mn in 2017 to US$ 1,012.4 Mn by the end of 2025, translating into a CAGR of 14.3% during the eight year forecast period 2017 – 2025.
Strategic industry consolidations and increase in demand for Ready-to-Use (RTU) Bioassay Banks is trending the global GMP Cell Banking Services market
One of the key objectives of the report is to identify the key trends governing the global GMP Cell Banking Services market and present a clear picture of the various forces impacting the market at a micro and macro level.
A sustained growth of the market can be attributed to macro-economic drivers such as increased public and private sector funding for disease research, which is expected to bring newer therapies to the market; high costs of clinical development; and various collaborative initiatives to identify therapies for difficult-to-treat illnesses.
On the supply side, an expansion of production facilities by key players to meet growing customer demand besides offering customized solutions based on specific customer needs (this involves strategic tie-ups between biopharmaceutical companies and cell banking service providers) are some of the factors likely to push the global GMP Cell Banking Services market ahead in the coming years.
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The report also identifies certain demand side drivers boosting the market such as a growing number of biologics in development currently, limited in-house storage and testing capabilities and a rise in the demand for outsourcing and contract manufacturing.
While the above growth factors are indicative of a mature market, Persistence Market Research identifies certain pull factors likely to restrain the market to a certain extent in the coming years. First off, the global GMP Cell Banking Services market is highly fragmented with multiple vendors offering a variety of services – resulting in limited global reach.
Besides, complexities in the production and manufacturing processes, a constantly evolving technology landscape, and inconsistent demand for services are likely to restrain revenue growth of the global GMP Cell Banking Services market during the forecast period.
Persistence Market Research predicts a large opportunity for key players in the fast growing Asia Pacific region. It must be noted that there has been a shift of R&D and technology investments in the healthcare industry from North America and Europe to Asia Pacific with developing APAC economies such as India offering increased scope for outsourcing of biotech projects owing to ample skilled and qualified manpower at optimal costs.
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